Disallowance
Querist : Anonymous
INTEREST ON EPF AND ESIC NOT ALLOWED.
Querist : Anonymous
2) Interest on sales tax is an allowable expenditure. Lachmandas Mathuradas Vs.CIT (2002) 254 ITR 799(SC).Same analogy can be applied to VAT also.
3) Regarding interest on ESI, principal and interest constitutes assessee's liability and hence interest element is an allowable expenditure. Kamlapat Motilal's case reported in 105 ITR 783, though delivered in an different contest, can be relied upon.
The expert Mr.Chackarpani has given you the case laws for other 2 allowable interest. I agree with him
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